Chile’s state-owned copper giant Codelco and smaller partner Pucobre have secured environmental approval for their $870-million Tovaku copper project, clearing a major hurdle ahead of planned construction in 2027.
The project in northern Chile’s Antofagasta region is expected to produce 46,000 tonnes of copper cathodes annually over a 21-year mine life. Construction is scheduled to begin in the second half of 2027 and take three years, with a peak workforce of 984 people.
Chile’s Environmental Assessment Service granted the project an Environmental Qualification Resolution (RCA), confirming its environmental viability and allowing the partners to advance toward construction, subject to remaining regulatory requirements.
The approval comes as Codelco weighs greater private-sector participation to finance its investment pipeline, estimated at $34 billion. Chairman Bernardo Fontaine told local Radio Duna on Monday that the state-owned miner cannot fund the projects entirely from its own resources and that taking on more debt is not its preferred option.
Fontaine said Codelco was also reviewing whether to sell stakes in private companies and reinvest the proceeds in its own operations, with the analysis expected to be completed in November. He warned that the company’s current production trajectory makes its 2026 target of 1.34 million tonnes difficult to achieve, although the goal remains in place.
Mining and ownership
Codelco and Sociedad Punta del Cobre (Pucobre) have set up Minera Puntilla to develop and operate Tovaku, with Pucobre holding a 60% stake and Codelco the remaining 40%.
The partnership dates back to 2009, when Codelco and Pucobre signed an exploration agreement covering the property. Pucobre subsequently carried out drilling, geological and engineering work, along with pre-feasibility and feasibility studies, on mining concessions provided by Codelco.
Codelco, Pucobre formalize copper project, targeting 2030 start-up
The open-pit operation, spanning the municipalities of María Elena and Tocopilla, will extract low-grade copper ore using conventional mining methods, including drilling, blasting and truck haulage.
Processing will involve crushing and acid curing, followed by leaching, solvent extraction and electrowinning (SX/EW) to produce copper cathodes.
The mine is expected to move an average of 47.5 million tonnes of material annually, reaching a peak of 68.2 million tonnes in its 18th year. Operations will require up to 700 workers.
The partners have a long history of collaboration at Tovaku. Pucobre began exploration and geological work in 2009 under an agreement with Codelco, which provided the mining concessions.
That work included drilling, engineering and pre-feasibility and feasibility studies, laying the groundwork for the joint venture.
Codelco is among Chile’s largest holders of mining concessions, giving it an extensive portfolio of prospective ground beyond its producing operations.
Power and water
Tovaku’s infrastructure includes a 193-megawatt photovoltaic solar park covering 340 hectares within the mining area. The facility will contain 336,600 solar panels to support the operation’s electricity requirements.
The development also calls for a 72.5-km seawater pumping system capable of transporting up to 425 litres per second from the Tocopilla Thermal Power Plant to the mine.
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A third-party supplier will provide the seawater, which two reverse-osmosis plants will treat to produce drinking and industrial water.
The infrastructure is designed to support mining in one of the world’s driest regions, where access to water and reliable electricity remains a critical consideration for new copper developments.
The environmental approval also sets out requirements covering electrical infrastructure, mining activities, safety measures and voluntary environmental commitments.
The partners will now advance the remaining permitting, engineering and construction preparations to meet their 2027 schedule. The three-year construction period puts the project on a path toward production around 2030, provided development proceeds as planned.